Tuesday, June 25, 2024
PR Newswire Area

Matrixport’s Cactus Custody Enhances USD 50M Protection for Digital Assets to include crime and warm wallet coverage with Insurer OneDegree

SINGAPORE, Oct. 24, 2023 /PRNewswire/ — Cactus Custody™,  the qualified institutional digital assets custodian service provider of Matrixport, has announced an upgrade of its USD 50 million insurance for its customers with protection now extended to include crime coverage, specifically for warm wallets.

The insurance is issued by OneInfinity by OneDegree, the first and only direct insurer for digital assets in Asia. In addition to enjoying additional insurance coverage, clients have the assurance of the group having passed and met the due diligence standards to be insured by one of the world’s largest crypto insurers.

Wendy Jiang, Head of Cactus Custody, said: “We are delighted to partner with OneDegree and one of the largest Lloyd’s of London syndicates to secure enhanced coverage that includes crime. The added protection meaningfully differentiates our offering, particularly for institutions with compulsory insurance requirements, and reflects our ongoing commitment towards industry best practices.”

Cactus Custody™ solutions safeguard digital assets for over 200 institutional clients with the highest level of service standards for institutions. The USD 50 million crime and specie insurance coverage is specifically tailored to Cactus Custody™ risk requirements to enhance protection of client’s assets like employee collusion, third party theft and the physical loss or damage of private keys.

Alvin Kwock, CEO of OneDegree Group, said: “Our team has worked very closely with the Matrixport team over the past weeks. Throughout the comprehensive cyber security review and technical underwriting process, we are particularly impressed by Cactus Custody’s cutting-edge system,  security design, and vault infrastructure built across three continents. With our unwavering  commitment to help the good actors in Web 3 thrive, we are glad to provide USD $50 million crime and specie capacity for cold and warm storage, backed by a reinsurance capacity rated A+ by Standard & Poor’s.”

The insurance coverage includes major cryptocurrencies and NFTs, and will continue to expand as Cactus Custody™ extends support to more types of digital assets in the future.

About Cactus Custody™

Cactus Custody™ is the world’s first MetaMask Institutional (MMI) integrated custodian. It aims to provide the digital era with secure, transparent, and efficient institutional custodial services.

Built with enterprise-grade crypto management features and value-added financial services backed by cutting-edge system security design and infrastructure, its custody services cater for a wide range of business scenarios. It provides services to the world’s largest and most renowned mining companies, mining pools, cloud mining platforms, exchanges, funds and OTC dealers, supporting clients to grow and scale in a secure way.

Cactus Custody is a qualified custodian and a Hong Kong Trust Company that meets the capital reserve requirement and acts within regulatory and AML guidelines.

About Matrixport

Matrixport is one of the world’s largest and most trusted digital assets financial services ecosystem. The company’s services include prime brokerage, Cactus Custody™, spot OTC, fixed income, structured products, lending as well as asset management. Matrixport serves individuals as well as over 500 institutions across Asia and Europe. For more information, please visit www.matrixport.com.

About OneInfinity by OneDegree

OneInfinity by OneDegree offers tech-enabled digital asset insurance and risk management solutions globally. By offering tailor-made insurance to end-to-end digital asset players (including trading platforms, custodians, asset managers, banks, family offices and technology providers), OneDegree strengthens its clients’ competitive edge by enabling them to implement best practices under a robust risk management framework and secure a safety net for their assets under custody.

OneInfinity is enabled by first-in-class cybersecurity technology offered by Cymetrics, a sister company of OneDegree. OneInfinity insurance solutions bundle services offered by Cymetrics, which examine the security of clients in terms of exposure to cyber, blockchain and digital asset risks from the perspective of hackers.

OneInfinity solutions include digital asset wallet insurance (crime, and specie) and corporate liability coverages (Professional Indemnity, Directors & Officers, Investment Management and Cyber).

For more information, visit https://oneinfinity.global/